Tariffs: The Bargain at Le Bocage

History's most ambitious effort to lower the
barriers to international trade finally succeeded last week in Geneva.
After four years of bargaining, a month of frenzied horse trading, and
some last-minute flirtations with failure, Kennedy Round negotiators
from some 50 non-Communist countries agreed to cut their tariffs by an
average 35% by 1972.

It was the free world's sixth bout of tariff reductions since World War
IIand it far surpassed earlier efforts. The 1962 Dillon Round
achieved 8% reductions in customs duties on $5 billion a year of global
trade. Last week's...